Destructive Habits That Hold Solopreneurs Back

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If you’re a solopreneur, contractor or sole trader trying to make a hustle online (or anywhere else for that matter), you need a strong mental foundation. You don’t have the luxury that everyone else has of being in a large organisation with HR, finance, and colleagues to look out for your wellbeing. You’re on your own; you’ve gotta toughen up. 

Many people who go it alone, however, can find themselves falling foul of a host of mental habits that hold them back. Here are a few of the most damaging and what you can do about them. 

You Care More About Tomorrow Than Ten Years From Now

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You’ve heard the saying “Rome wasn’t built in a day” whenever anybody talks about their struggles to complete projects worth doing. But there’s more to it than that. 

Most people would prefer to receive £100 tomorrow than £100 a year from now. In the real world, however, that’s not how it works. When you give up that £100 today, it can go on to create an infinite sum of money, the longer you leave it invested, thanks to the power of compounding.

 A lot of people, however, don’t understand this. They prefer the present to the future. It takes time to build an empire, and it’s painfully slow at first. Once you get going, however, boy are you on a roll! 

You Don’t Stay Up To Date With Legal Changes

The rules for managing your money change from year to year. Unfortunately, many people working for themselves don’t stay up to date with the latest contractor news. This bad habit then sets them up for costly legal and accounting woes in the future that can break their spirit. 

It’s not a nice job, but always check that you’re following the most recent rules. If you’re stuck, speak to an accountant.

You Focus On Negative Information

The media loves to bombard us with all of the ways that the world is getting worse. Negative headlines tap into our fear response, encouraging us to consume more media (and advertising). 

Where possible, however, you want to avoid this problematic mental habit. 

There are two reasons for this. The first is that it can affect your outlook negatively. You might wonder what the point of working hard is if the whole world will soon be going to pot. 

Secondly, it can affect your focus. If you’re continually worried about some media talking point, then you’re distracted from the task at hand – not good. 

Where possible, consume positive news stories. Take time out from the media from time to time. 

You Never Accept Contradictory Information

Some people don’t like to accept information that runs contrary to their beliefs. While blocking out some data is essential, you don’t want to do it to the point where you’re deluded about yourself. Being able to rationally and coolly discover things about the world and your place in it is vital for a happy, successful and productive life. Avoid confirmation bias where possible and challenge yourself regularly. You’ll wind up more successful.